Rosneft

Reference Material on Rosneft

Rosneft, the state oil company worth an estimated $60 billion, is a beneficiary of the trend toward state control in the industry. Rosneft's largest production asset, Yuganskneftegaz, was taken from Yukos. Rosneft, headquartered in a palace across the Moscow River from the Kremlin, is poised to become the face of Russian oil in large deals going forward, analysts say. The company is entering the Chinese downstream market with a planned network of gas stations. Igor I. Sechin, a loyalist to President Vladimir V. Putin and member of a hard-line faction in the Kremlin known as the siloviki - or men with ties to the secret police or military - is chairman of Rosneft. In spite of the cloak-and-dagger board chairman, chief executive Sergei Bogdanchikov has promised the company will hold an initial public offering in July. ANDREW E. KRAMER (NYT)

Russia’s central bank said its bailout of Trust Bank – the first major lender to fail as a result of the sharp decline in the ruble – would cost about $2.5 billion, far more than previously anticipated.